Money for Something

Money for Something

Here’s a quote from Henry Ford. You’ve probably heard it before: “The only thing worse than training your employees and having them leave is not training them and having them stay.”

Makes sense. But training’s not cheap and it’s understandable if some businesses think twice about spending money on it.

Problem is, scrimping on staff development could be your classic false economy. People are usually your biggest cost, with recruitment and training a fair chunk of that. It pays to understand how staff development helps retention.

A well-trained workforce is an engaged workforce. An emotional link between employee and company means people care about their work (and who they’re doing it for) and are less likely to leave. Unsurprisingly, companies with engaged employees outperform those without by a staggering 202 percent (according to a Dale Carnegie study).

Developing staff and giving them opportunities to grow shows you’re invested in them. It’s a sure-fire engagement builder and boosts your bottom line. And let’s not forget the most important reason for continuous improvement: your customers.

If nothing else, you have a ‘duty of care’ to your clients. People pay you for a professional service and are entitled to expect you’ll do a better job than the average person in the street.

If you have professional indemnity insurance, your insurer will find it hard to fight a negligence claim against you if you can’t prove your staff know what they’re doing.

Make sure you can, and everyone wins.

Kerri-Ann Hockley is head of customer service at business insurance broker, PolicyBee. For a quick online quote visit policybee.co.uk/suffolkdirector, or call a jargon-busting adviser on 0345 222 5370

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